What is retail ? As per Oxford Dictionary definition,
Retail - The sale of goods to the public in relatively small quantities for use or consumption rather than for resale.In the Indian context B2B is wholesale and only B2C is considered retail. Retail has caught up all over the world of late primarily because of the following reasons.
1. the availability of almost infinite varietyAs per Businesswire mag (June '16)
2. assurance of high quality products from renowned vendors
3. availability at very competitive prices
4. availability of a home delivery policy
5. availability of a very reasonable returns policy for goods damaged or disliked
6. availability of an easy payment interface / Cash-on-delivery option
7. excellent reach covering almost the entire country
8. reasonably quick delivery
9. assurance of reasonably good after-sales-service
10. availability of good cash return policies
The global retail sector is estimated to have achieved revenues of US$ 22.6 trillion in 2015 and should continue to rise to US$ 28 trillion by 2019, with average annual growth rate of 3.8% since 2008. The sector represents 31% of the world's GDP and employs billions of people throughout the globe.
|Jeff Bezos and Ma Yun (Jack Ma)|
Entrepreneurs around the world have always marveled at how these individuals have crafted their success story.
Watch this video of Jack Ma at WEF 2018 at Davos. He says he always tries to find and employ smarter people than himself. Why ? Because they know the technology, trends and future growth patterns much more than anyone. Ma says upto age 30 on has to make mistakes and study, 30 to 40 engage in business and make mistakes and learn, from 40 - 50, consolidate, from 50 - 60, handhold juniors and youngsters. As per Ma, after 60, everybody should relax and enjoy life ..
1. Surround yourself with the right people.
2. Have a learn-it-all mindset.
3. Be ready to play the long game.
1. Belief in smart people and
2. the right attitude to work and challenges ..
Considering the growth and expansion in retail @ 3.8 % globally, it has to be seen how much the retail sector would grow now in India and other developed and developing countries of the world.